疼痛转型

2007年到2017年被行业普遍认为是中国信托业的黄金十年。其高速的发展助推了中国市场经济的蓬勃，但信托业成长的监管环境相对宽松，由此滋生一定的隐患。

长期以来，业界倾向于挖掘信托的通道类业务和融资功能。中国的信托公司曾大力发行底层资产与房地产业紧密挂钩的信托类理财产品，并通过第三方财富管理机构或银行的理财部门进行产品分销。

Painful transition

The period from 2007 to 2017 is widely regarded as the golden decade of China’s trust industry. The rapid developments boosted China’s economy but also gave rise to hidden risks in a relatively loose regulatory environment. For a long time, trust companies in China rushed to develop products with underlying assets closely tied to the real estate sector. These products were distributed through third-party wealth management firms or the wealth management units of banks.